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A wallet displays a UnitedHealth Group health insurance card. (Oct. 14, 2019)
Image: Lucy Nicholson | Reuters
Discover the latest market movers during midday trading.
JPMorgan Chase — Despite reporting strong second-quarter results, JPMorgan Chase’s shares experienced a slight decline. The bank benefited from higher interest rates and outperformed in bond trading.
Wells Fargo — Shares of Wells Fargo saw a slight rise as the company exceeded expectations in the second quarter. The bank also projected higher-than-anticipated net interest income for the year.
UnitedHealth — The health-care giant performed exceptionally well in the second quarter, surpassing expectations in terms of both revenue and net income. UnitedHealth also revised its full-year guidance, increasing the lower end. This positive performance had a ripple effect on other health-care stocks, with Cigna and Elevance Health both experiencing gains of over 4%.
Citigroup — Despite reporting second-quarter earnings and revenue that exceeded expectations, Citigroup’s shares dropped 2%. The decline in markets and investment banking businesses weighed on the company’s results, resulting in a 1% decrease in revenue compared to the previous year.
JetBlue Airways, American Airlines — JetBlue Airways and American Airlines both experienced a decline of over 2% in midday trading. Following a court ruling in May, the two airlines are no longer offering seats on each other’s flights, ending their more than two-year partnership.
Microsoft — Following an upgrade to a buy rating by UBS, Microsoft’s stock rose approximately 2%. The upgrade was based on the company’s artificial intelligence opportunity and recent underperformance, making it an attractive investment.
AT&T — The telecommunications stock experienced a nearly 5% drop after being downgraded by JPMorgan from overweight to neutral. The downgrade was due to concerns over competition, as well as AT&T’s exposure to cable limiting potential market gains.
State Street — After reporting second-quarter revenue of $3.11 billion, missing analyst estimates of $3.14 billion, State Street shares slumped 9.5%. However, the company exceeded expectations in terms of earnings, reporting $2.17 per share compared to the expected $2.10 per share.
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